{"id":19120,"date":"2023-08-28T06:09:47","date_gmt":"2023-08-28T06:09:47","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19120"},"modified":"2023-08-28T06:12:04","modified_gmt":"2023-08-28T06:12:04","slug":"two-interesting-happenings-in-the-us-ginseng-market","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2023\/08\/28\/two-interesting-happenings-in-the-us-ginseng-market\/","title":{"rendered":"Two Interesting happenings in the US Ginseng market"},"content":{"rendered":"\n

The American ginseng market has experienced phenomenal growth in 5 years. The annual wholesale market value of dried wild ginseng from the US stood at $27 million <\/u><\/a>in 2015, while that of ginseng extracts stood at $1.3 billion in 2020.<\/p>\n\n\n\n

In this context, here are a few interesting happenings on this money mint of the United States.<\/p>\n\n\n\n

US reclassifies genuine ginseng from bogus products<\/strong><\/strong><\/p>\n\n\n\n

On August 2, 2023, the US Federal Drugs Administration (FDA) published an import alert Number 54-12, that made it illegal to classify food supplements as Siberian ginseng. This is because the term \u2018Siberian ginseng\u2019 denotes plants from the genus Leutherococcus, while real ginseng is within the Panax genus. <\/p>\n\n\n\n

Real US ginseng is classified as Panax quinquefolium species. <\/p>\n\n\n\n

The report further lists companies currently selling herbal products that contain \u2018Siberian ginseng.\u2019 The companies are based in Canada, Australia, China and Israel. <\/p>\n\n\n\n

At the heart of the matter is the popular perceptions on the health value of the product. As many as 50% of US citizens<\/u><\/a> use ginseng-derived supplements. Many herbal makers use the product for its health benefits, including reducing high blood pressure. <\/p>\n\n\n\n

The prices reflect this. The dried root currently costs $300 to $600 <\/u><\/a>a pound for the wild variety and between $68 and $140 a kg <\/u><\/a>for the cultivated variety. As low-supplied wild simulated ginseng prices go up, cultivated ginseng prices in the US have been dipping to as little as $20 a pound due to oversupply<\/u><\/a>. <\/p>\n\n\n\n

This comes at a time when the global ginseng roots market is poised to grow at 4% <\/u><\/a>CAGR annually. This is as demand for the root from a health-conscious population continues to rise.<\/p>\n\n\n\n

Ohio producers feel the squeeze over illegal harvesting<\/strong><\/strong><\/p>\n\n\n\n

Authorities have busted illegal ginseng in Ohio. Some 110 producers dug for the precious root out of season<\/a><\/u> and each has received a jail sentence in consequence. Due to the scarcity of the plant in the Great Lakes region\u2019s state, Ohio allows harvests of its \u2018scattered populations\u2019 of ginseng only from September 1st<\/sup> to December 31st<\/sup> each year.<\/p>\n\n\n\n

The state sold the confiscated produce at auction for over $51,000, a kitty that will go to the Wildlife Diversity Fund<\/a>.<\/p>\n\n\n\n

The harvesting limit per person is 24 plants a day, with a 20-dollar permit, in most ginseng producing states.<\/p>\n\n\n\n

In short, ginseng has attracted quite a lot of legal notice this August and not just in the US. On August 1st, <\/sup> in Thailand, where the herb is highly prized, produce inspectors seized fake ginseng<\/u><\/a> near a popular market.<\/p>\n","protected":false},"excerpt":{"rendered":"

The American ginseng market has experienced phenomenal growth in 5 years. The annual wholesale market value of dried wild ginseng from the US stood at $27 million in 2015, while that of ginseng extracts stood at $1.3 billion in 2020. In this context, here are a few interesting happenings on this money mint of the United States….<\/p>\n","protected":false},"author":3,"featured_media":19121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nTwo Interesting happenings in the US Ginseng market - Selina Wamucii | Food & Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2023\/08\/28\/two-interesting-happenings-in-the-us-ginseng-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Interesting happenings in the US Ginseng market - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"The American ginseng market has experienced phenomenal growth in 5 years. 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